It is a common misconception that an incentive marketing company can be anything. For some reason, people think that all they need to do is simply to list their products or services, including a discount, and give out either coupons or gift cards. In reality, an incentive marketing platform can encompass much more than those three things. While you certainly do not want to skimp on any of the three elements, you will want to use them in conjunction with one another.
Here are the basic components you will need in order to create an incentive marketing offer:
Reward shoppers with free samples – Whether you are offering free samples to attract new customers or simply hoping that current customers will use your incentive marketing platform next time they are shopping, offering samples to get them to come back often is a great way to get them started. If your samples cannot be delivered immediately, ask customers for their email address so that you can send out future samples. Incentive marketing programs that offer customers discounts or freebies almost always have a follow-up program that will give them additional discounts when they refer other customers.
Track customer activity – In order to provide an incentive marketing company, you need to be able to track your customer's activities. Some of the best programs out there automatically track what consumers are purchasing and referring to, as well as engaging in conversation with others. With these types of tools, you can gain valuable insight into which offers are working the best, which products are not having enough of an impact, and which coupons or reward points are simply not triggering the right behaviors.
Track sales, costs, and returns – One of the key metrics that every incentive marketing program should track is profit and loss. This is important because you want to know how your efforts are performing relative to your competitors. Additionally, if you notice a trend where one of your products or services is not raking in the cash you had anticipated, it is often an excellent indicator that you need to re-evaluate your system. If you see a plateau or two in profit but expenses are staying level or increasing, it may be time to evaluate whether or not your marketing mix is optimal.
Evaluate performance over time – The ability to measure time spent on any incentive marketing offer is a highly valuable one. Not only is this a good way to see how much effort is being dedicated to the program, but it is also a great way to find out whether the effort is paying off. If the return on your investment is minimal over time, you may want to focus on something else. On the other hand, if your efforts are yielding significant results, it is important to continue to monitor performance so that you can keep moving forward toward more success.
Analyze performance based on demographics – One of the most common mistakes made by marketers is not taking demographic details into account when evaluating an incentive marketing offer. Most marketers assume that if their advertising content targets a particular group of people, they will be able to get the best possible response. However, if a majority of recipients of marketing content are younger, male, or in a lower income bracket than you are, you may be missing an opportunity for large profit margins. This tip can greatly reduce costs and improve profits while simultaneously increasing efficiency.
Build a brand name for your incentive marketing offer – Branding is crucial to increasing sales. If people don't know who you are, who you sell to, or what you have to offer, you won't get much business. Fortunately, using price alone as the main driver of your incentive marketing campaign can give you the best chance at building a strong and recognizable brand. Price alone can allow you to develop a solid subscriber base while at the same time providing you with the opportunity to differentiate yourself from your competition.
Build an arsenal of killer articles – Since you've already developed an incentive marketing offer that is strongly connected with the needs of your subscribers, it's time to turn your attention to writing articles. When you write articles, you're creating what is known as "the pulse" of your customer base. The more articles you have out there pushed your products and services, the better chance you have of generating new leads, increasing sales, and maintaining customer loyalty. To make the most of your article writing efforts, you should build a strong list of high-quality, targeted leads through various methods. You may also want to use a free report builder or free video creator to create viral videos that can be repurposed for viral marketing purposes.